Cryptocurrency is now a hot topic, and everyone everywhere now seems to be talking about it, with newbies still wondering what the fuss is all about. If you’re relatively new in the game, we’ll till how crypto is likely to change the world and make it a better place in more ways than one.
While they may like technology for the future, the truth is that cryptocurrencies have and will continue to revolutionize the way we keep money, do business and pay for goods and services. Bitcoin remains the most popular cryptocurrency so far, but thousands of other cryptocurrencies are available, with most of them serving different purposes. There are also several other ways these digital assets can make the world a better place, including the following:
1. Minimize Potential for Fraudulent Transactions
With VISA and MasterCard reporting an increase in fraudulent activities they detect annually, fraud remains the most significant concern whenever people deal with money. The fear transcends issues relating to transferring funds or using credit cards on insecure sites, among others, and has everyone concerned, especially anyone who has even been a victim.
Since they’re transferred securely and electronically on the blockchain and are not directly linked to your bank account or cash reserve, cryptocurrencies will play a big part in reducing fraud and offer peace of mind.
2. Simplify the Money Transfer Process
Whereas the time required to send money to people through financial institutions is now faster than it was several years ago, it still could take up to several days in some situations. What’s more, both the sender and the receiver have to pay considerable costs in transaction fees, especially when you’re dealing with cross-border transfers.
Transferring funds using cryptocurrencies happens instantly, and you don’t pay any fees. Since everything is direct, there are no fees associated with transferring cryptocurrency, and the blockchain records every transaction. With over 180 different kinds of fiat currency, crypto becomes a single universal currency, meaning you don’t have to undergo rigorous money foreign exchange protocols.
3. Strengthen e-Commerce
E-commerce is becoming the most convenient way to do business, but one thing is holding it back. Most would-be online shoppers are held back because they fear fraud prevents some consumers from participating in the e-commerce market.
The use of cryptocurrency reduces the risk of fraud for shoppers, but it does the same for vendors and sellers. Cryptocurrency transactions are permanent. In addition to mitigating risk, using cryptocurrency creates more opportunities for worldwide business.
4. Offer a Stable Alternative to Unstable Currencies
The inflation and instability that some countries’ standard currencies have experienced are shocking. While not all countries have currencies subject to outrageous inflation rates, others could seriously benefit from switching to using cryptocurrency. Cryptocurrency is accepted worldwide and is not subject to exchange and interest rates. El Salvador went ahead of other countries when it made Bitcoin legal tender alongside the USD in September 2021. The leadership said it was because crypto could also provide more stability and certainty to Salvadorans.